Harry Dent Warns Gold Could Crash Up to 68% as the 'Everything Bubble' Pops

Gold has spent three years defying gravity. Economist Harry Dent thinks gravity is about to win.

Speaking on MINING.COM's Top of Mine podcast, Dent argued that gold's surge from roughly $1,600 to a peak near $5,600 in about three years is not proof of the metal's strength — it's evidence that speculative excess has finally reached precious metals. His conclusion is blunt: bullion could ultimately fall as much as 68%.

That's a jarring number against a backdrop where gold futures were changing hands around $4,713 an ounce, up nearly 4% on the day of his remarks, with silver ripping more than 7% higher to about $75.50. Momentum, in other words, is firmly against Dent's call right now.

His thesis rests on a familiar framework. Dent has long argued that central-bank stimulus inflated an "everything bubble" across stocks, real estate and bonds. In his view, gold's parabolic move is the last asset to get swept up in the mania — and the assets that rise fastest in a bubble tend to fall hardest when it pops.

Here's the tension for anyone buying physical metal today. Gold's traditional pitch is that it protects wealth when other assets deflate. Dent's argument flips that: if the rally itself is bubble behavior, the metal may not be the safe exit everyone assumes.

Worth keeping in perspective: this is a single contrarian voice cutting against a strongly bullish tape. Dent's past crash calls have often been early or off the mark, and a 68% drawdown would require a deflationary shock of historic scale. But the value of a bearish take isn't that it's guaranteed to be right — it's that it forces a buyer to ask whether today's price already bakes in a lot of optimism.

For bullion buyers, the practical question isn't whether Dent's exact 68% figure lands. It's whether you're comfortable entering near record highs, and how much of your reason for holding gold depends on price appreciation versus insurance.